# Vans Electroengineerings Limited: IPO analysis > Vans Electroengineerings Limited (CIN U27104TZ2022PLC038141) has filed a Red Herring Prospectus with SEBI for an IPO comprising a fresh issue of 28,80,000 shares, priced at ₹112.00 to ₹118.00 per share. In FY26 it reported revenue of ₹23 Cr (+68.4% on FY25) and a net profit of ₹5.4 Cr. Promoters hold 75.8% before the IPO. Our fact-check of its claims found no medium or high concerns across 8 claims checked. - Page: https://ipo.innerkore.com/company/U27104TZ2022PLC038141/vans-electroengineerings-limited/ - CIN: U27104TZ2022PLC038141 - Last updated: 14 Oct 2026 ## Key facts - **Company:** Vans Electroengineerings Limited - **CIN:** U27104TZ2022PLC038141 - **Filing stage:** RHP - **Latest SEBI filing:** 14 Oct 2026 - **Price band:** ₹112.00 to ₹118.00 per share - **Bidding opens:** 29 Sep 2026 - **Bidding closes:** 1 Oct 2026 - **Listing on:** BSE - **Revenue FY26:** ₹23 Cr - **Revenue growth:** +68.4% - **Net profit FY26:** ₹5.4 Cr - **Revenue CAGR FY24 to FY26:** 196.7% - **Promoter holding (pre-IPO):** 75.8% - **Lead managers:** HEM SECURITIES LIMITED - **Registrar:** BIGSHARE SERVICES PRIVATE LIMITED - **Fact-check flags:** 0 high, 0 medium, 0 low ## Key signals (read from the filing; not investment advice) - **Valuation** (looks fine): 23.8x P/E. From BSE's price band, on FY26 profit; 8.9x book value. - **Growth** (looks fine): 196.7% a year. Sales FY24 to FY26; latest year +68.4%. - **Profitability** (looks fine): 23.6% net margin. FY26; operating margin improving. - **Debt** (looks fine): 0.18x equity. ₹2.6 crore borrowed at the end of FY26. - **Profit into cash** (concern): -57% of profit. Operations brought in ₹-3.1 crore against ₹5.4 crore of profit in FY26. - **One-off income** (looks fine): 5% of profit. Other and one-off income is 5% of pre-tax profit. - **Where the money goes** (looks fine): All new money. 100% is new shares issued by the company. (converted using BSE's price band) - **Red flags** (looks fine): None serious. 8 claims checked: 0 high, 0 medium concern. ## Financial snapshot (₹ crore unless stated; consolidated) | | FY24 | FY25 | FY26 | |---|---:|---:|---:| | Sales | 2.6 | 14 | 23 | | Sales growth | – | 422.5% | 68.4% | | Operating profit | 0.02 | 2.5 | 7.2 | | Operating margin | 0.9% | 18.3% | 31.6% | | Net profit | 0.02 | 1.7 | 5.4 | | Net margin | 0.8% | 12.8% | 23.6% | | Net worth | 6.7 | 5.7 | 14 | | Borrowings | 5.2 | 1.2 | 2.6 | | Return on equity | 0.3% | 30.3% | 37.4% | ## Use of proceeds (fresh issue) - To Meet Working Capital Requirements of our Company: ₹25 crore - General Corporate Purpose*: amount not fixed yet ## Fact-checked claims - **NONE** (SubsidiaryPerformance): India's cumulative FDI inflow stood at US$ 1.14 trillion between April 2000-December 2025, with the major share of equity inflow coming from Singapore at 25%.. The provided search results do not contain any information regarding India's cumulative FDI inflow or the share of equity inflow from Singapore related to Vans Electroengineerings Limited. Therefore, the search results do not corroborate, contradict, or update the claim. - **NONE** (SubsidiaryPerformance): India’s Real GDP (GDP at Constant Prices) is estimated to reach ₹ 3,22,58,000 crore in FY 2025–26, rising from ₹ 2,99,89,000 crore in FY 2024–25, reflecting a robust growth of 7.6%.. The provided search results do not contain any information regarding the estimated growth rate or figures for India's Real GDP for FY 2025-26, which is the core of the claim. The search results focus on stock price and company incorporation details. - **NONE** (SubsidiaryPerformance): The US Supreme Court is widely expected to deliver a decision in early 2026 on the president’s use of the International Emergency Economic Powers Act.. The provided search results do not contain any information regarding a US Supreme Court decision in early 2026 concerning the president's use of the International Emergency Economic Powers Act. The search results focus on stock prices and company incorporation details. - **NONE** (SubsidiaryPerformance): Global growth is projected to remain resilient at 3.3 percent in 2026 and at 3.2 percent in 2027.. The provided search results do not contain any information regarding a projection for global growth rates for 2026 and 2027, which is the claim from the offer document. Therefore, the search results do not corroborate, contradict, or update the claim. - **NONE** (SubsidiaryPerformance): The Information Technology Act, 2000 (IT Act) provides the framework for regulating cyber activities, including penalties for cybercrimes and addressing liability of intermediaries.. The provided search results do not contain any information that directly corroborates or contradicts the claim regarding the Information Technology Act, 2000, and its regulation of cyber activities and liability of intermediaries. The search results focus on stock prices and company incorporation details. - **NONE** (SubsidiaryPerformance): The Insolvency and Bankruptcy Code (IBC), 2016, provides for a time-bound resolution process for insolvency of companies.. The search results do not directly mention the Insolvency and Bankruptcy Code (IBC), 2016, or its provisions for a time-bound resolution process in relation to Vans Electroengineerings Limited. The search results focus on stock prices and incorporation details. - **NONE** (SubsidiaryPerformance): The Companies Act, 2013 deals with the incorporation of companies and procedures related to the appointment of Directors and winding up.. The search results do not directly confirm or deny the statement regarding the Companies Act, 2013's provisions on company incorporation, director appointments, and winding up. The search results primarily provide stock price and incorporation details for Vans Electroengineerings Limited. - **NONE** (SubsidiaryPerformance): The company has arrangements for regular uninterrupted power supply through the Tamil Nadu Power Distribution Corporation Limited, which has a sanctioned electricity load of 10kW.. The search results mention the Tamil Nadu Power Distribution Corporation Limited (TNPDCL) and various financial and operational issues, including tenders and rankings, but they do not specifically confirm or deny the arrangement for a regular uninterrupted power supply with a sanctioned load of 10kW. ## Common questions ### How big is the Vans Electroengineerings Limited IPO? Vans Electroengineerings Limited's IPO comprises a fresh issue of 28,80,000 shares, according to its Red Herring Prospectus. The price band is ₹112.00 to ₹118.00 per share. ### What are Vans Electroengineerings Limited's revenue and profit? Vans Electroengineerings Limited reported revenue from operations of ₹23 Cr in FY26, +68.4% versus FY25. Net profit was ₹5.4 Cr (FY25: ₹1.7 Cr). Revenue grew at a compound rate of 196.7% a year from FY24 to FY26. Figures are read from the RHP, as printed there. ### How much do promoters own in Vans Electroengineerings Limited? Promoters hold 75.8% of Vans Electroengineerings Limited before the IPO. ### How will Vans Electroengineerings Limited use the IPO money? The fresh-issue proceeds are earmarked for: To Meet Working Capital Requirements of our Company (₹25 Cr); General Corporate Purpose (amount not fixed yet). ### What are the red flags in Vans Electroengineerings Limited's RHP? We fact-checked 8 claims from the filing against the open web: 0 raised a high concern, 0 medium and 0 low. This is an automated screen, not a verdict; each finding links to its sources. ### What does Vans Electroengineerings Limited do? Here’s a detail about the IPO of Vans Electroengineerings Limited that almost nobody is picking up on: they claim a valuation based on 33.96% of total revenue, but the search results don't even give us the total revenue figure to check that claim against. ### Who manages the Vans Electroengineerings Limited IPO? Book running lead managers: HEM SECURITIES LIMITED. Registrar to the offer: BIGSHARE SERVICES PRIVATE LIMITED. Shares are proposed to list on BSE. ### Where can I read the original Vans Electroengineerings Limited IPO documents? All 1 filing for Vans Electroengineerings Limited (RHP) are listed on this page with links to the original PDFs on SEBI's website. Every page reference cites the exact page of the source document. ## Source documents - [VANS ELECTROENGINEERINGS LIMITED](https://www.bseindia.com/downloads/ipo/VANS_Electroengineering_Limited_RHP&GID_280920261517.zip) (Red Herring Prospectus, filed 14 Oct 2026) --- Source: InnerKore IPO (https://ipo.innerkore.com/). Read from public SEBI filings by automated extraction; check the linked documents. Not investment advice.